{"data":{"id":"us-pa/15-pa.c.s.-8672","jurisdiction":"us-pa","citation":"15 Pa.C.S. § 8672","heading":"Transfer of transferable interest.","body":"(a) General rule.--A transfer, in whole or in part, of a transferable interest:\n(1) is permissible;\n(2) does not by itself cause the dissociation of the transferor as a partner or a dissolution and winding up of the limited partnership's activities and affairs; and\n(3) subject to section 8674 (relating to power of personal representative of deceased partner), does not entitle the transferee to:\n(i) participate in the management or conduct of the partnership's activities and affairs; or\n(ii) except as provided under subsection (c), have access to required information, records or other information concerning the partnership's activities and affairs.\n(b) Right to distributions.--A transferee has the right to receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled.\n(c) Right to account on dissolution.--In a dissolution and winding up of a limited partnership, a transferee is entitled to an account of the partnership's transactions only from the date of dissolution.\n(d) Certificate of interest.--A transferable interest may be evidenced by a certificate of the interest issued by a limited partnership in record form, and, subject to this section, the interest represented by the certificate may be transferred by a transfer of the certificate.\n(e) Recognition of transferee's rights.--A limited partnership need not give effect to a transferee's rights under this section until the partnership knows or has notice of the transfer.\n(f) Transfer restrictions.--A transfer of a transferable interest in violation of a restriction on transfer contained in the partnership agreement is ineffective if the intended transferee has knowledge or notice of the restriction at the time of transfer.\n(g) Rights retained by transferor.--Except as provided under sections 8661(b)(4)(ii) (relating to dissociation as limited partner) and 8663(a)(4)(ii) (relating to dissociation as general partner), if a general or limited partner transfers a transferable interest, the transferor retains the rights of a general or limited partner other than the transferable interest transferred and retains all the duties and obligations of a general or limited partner.","path":["Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS","PART III PARTNERSHIPS AND LIMITED LIABILITY COMPANIES","CHAPTER 86 LIMITED PARTNERSHIPS","SUBCHAPTER G TRANSFERABLE INTERESTS AND RIGHTS OF TRANSFEREES AND CREDITORS"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=15\u0026div=0\u0026chpt=86\u0026sctn=72\u0026subsctn=0","current_through":"2026-07-28 (Statute Update stamp, 15 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:31:13Z","sha256":"8cc6c67572bbbbe8aae5a005045d42e93bdca8635d84861420edeae0f94e45ab","source_id":"us-pa","stale":false,"prev":"us-pa/15-pa.c.s.-8671","next":"us-pa/15-pa.c.s.-8673"},"notice":"GroundRules: Original legal text. Not legal advice."}